Orchard Bank Platinum Mastercard

[cr2285]

Ch 7 Discharged 29Aug06
Orchard Bank application submitted 10Sep06

Approved $300 limit, $59 annual fee

Didn't think I could start rebuilding this quickly....guess it's time to get to work!

[sfbehr]

Orchard was my first post-BK card as well. Think I got their first preapproval about a month before my discharge...

As the "rebuilder" cards go, I think Orchard isn't too bad. Never had any problems with them when I had the card, and I managed the account almost exclusively online (which I recommend).

Keep in mind it isn't a card you'll have for the rest of your life. I had mine 2 years, which was long enough to help me get in a position to get much better cards (ones I do plan to keep the rest of my life).

[nessa30]

I agree. Orchard isn't so bad,especially if you are trying to start over again. I've already check on the reviews about them on the net and they highly recommend Orchard over all the other secure or starting out credit cards. I'm trying to get a secure account with them or unsecured. I applied last week for one and they recommended either of the cards. So i letting them take out $39.00 processing fee out of my checking account. They say app processing time takes 10-14 days. So we'll see

[Tedderbear]

Ch 7 Discharged 29Aug06
Orchard Bank application submitted 10Sep06

Approved $300 limit, $59 annual fee

Didn't think I could start rebuilding this quickly....guess it's time to get to work!

when do they tell you what your limit is?

[cr2285]

I got the CL info online at the same time I found out I was approved.

[cr2285]

Annual fee reduced

Rec'd my card yesterday. Have also been approved for Hooters MC ($36 AF) and Cap 1 ($19 AF), so to me the credit line isn't worth $59/yr. Just got off the phone with Orchard...1st rep read me the canned response of building credit, yadda yadda yadda. I asked her to go ahead and cxl. At that point she xfrd me to someone else who asked me what other offers I had rec'd.

She then gave me two options. Lower the AF to $29 or keep the $59 AF and CLI to $500 (up from $300). I took the AF decrease thinking that I'll probably get a CLI sometime down the road anyway.

Sounds like the secret is to bluff 'em into lowering the AF.

[tinroofrusted]

Enjoy staying at $300 for a lifetime.

I call the other day to see about a CLI increase, and they were kind enough to tell me that it would cost me $25.00. I told them to kiss my behind.....

[cr2285]

That's all right. It'll serve it's purpose for the next 12 mos. Gotta start somewhere.

[tinroofrusted]

That's all right. It'll serve it's purpose for the next 12 mos. Gotta start somewhere.

Wait until that annual fee goes up again, and your interest rate goes up to 29.99% at your 4-6 month mark....

[razorguns]

i also got orchard. Tho they call me 3x a week now to buy into their protection system. They don't have a good db for that.

r

[tradewiz50]

Wait until that annual fee goes up again, and your interest rate goes up to 29.99% at your 4-6 month mark....

Thats funny I've had the card for over a year and only have the $59 annual fee. My interest rate is the same also. Have you gone over your credit lin eo r missed a payment to warrent such an increase?

[JusticeForAll]

Yep! That's what they did to me!!! No late payment, no over the limit. When I called they told me my payment history and account were "perfect". I didn't open any other cards, didn't apply for any cards. Nothing changed! They said it was due to my "credit rating", which was exactly the same as when I got the card. My was a secured card to boot! No risk to them whatsoever!

If you search the forums, you'll find others reporting the same thing. Seems to be their "MO".

I canceled the card, then after seeing all the other ripoff cards, I went back to Orchard and applied for an unsecured and they gave it to me with a $500 limit and $39 AF, plus 15% (maybe 17%) interest, I can't remember which.

Seems there is no method to their madness!

Wait until that annual fee goes up again, and your interest rate goes up to 29.99% at your 4-6 month mark....

[tinroofrusted]

Thats funny I've had the card for over a year and only have the $59 annual fee. My interest rate is the same also. Have you gone over your credit lin eo r missed a payment to warrent such an increase?

Nope.

On time, and OVER payments at time!

See JusticeForAll's post!

[JusticeForAll]

yeah $25 and they'll only give you a $100 increase.

But for right now, it's the only card I can get. I have a $500 limit and that's all I'm comfortable with right now.

Enjoy staying at $300 for a lifetime.

I call the other day to see about a CLI increase, and they were kind enough to tell me that it would cost me $25.00. I told them to kiss my behind.....

[sfbehr]

Obviously NOT everyone has had good experiences with Orchard, but I did.

They started me with a CL of $1500, annual fee $39. Got 3 CLIs (none of which I requested OR paid for) in the 2 years I had the card, each $200, so my final CL when I closed the card was $2100.

When I called to close the card, they offered to reduce my APR to 11% (was a bit over 19 when I called). Thought about it for half a second and then proceeded with closing the account.

Once again, it's not a card you keep the rest of your life...and I think Orchard knows that. Just use it to start your rebuilding and move on once you get better things...